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Open House Powerpoint

  1. 1. FINANCIAL AID 101FINANCIAL AID 101 Taking the mystery out of theTaking the mystery out of the financial aid processfinancial aid process Est.Est. 18531853
  2. 2. INTRODUCTIONINTRODUCTION How to pay for college is one of the mostHow to pay for college is one of the most important decisions a student and familyimportant decisions a student and family can make. Applying for Financial Aid is acan make. Applying for Financial Aid is a key step in pursuing a degree. It shouldkey step in pursuing a degree. It should not be overlooked even if you don’tnot be overlooked even if you don’t believe you’ll be eligible for financial aid.believe you’ll be eligible for financial aid. 11
  3. 3. What makesWhat makes Mount Aloysius CollegeMount Aloysius College affordable?affordable? Our tuition and fees are deliberately lower than you will find at otherOur tuition and fees are deliberately lower than you will find at other comprehensive private colleges. Our scholarships often result in a bottomcomprehensive private colleges. Our scholarships often result in a bottom line cost that’s less than other private colleges and universities and often online cost that’s less than other private colleges and universities and often on par with public colleges and universities– and our students graduate on-par with public colleges and universities– and our students graduate on- time! More than 90% of students receive scholarships and financial aid.time! More than 90% of students receive scholarships and financial aid. The average aid package based on grants and scholarships isThe average aid package based on grants and scholarships is approximately $10,000.approximately $10,000. 22
  4. 4. Sticker Price vs. Actual PriceSticker Price vs. Actual Price  When calculating the cost of attending MountWhen calculating the cost of attending Mount Aloysius College, it is important to rememberAloysius College, it is important to remember that through tuition discounting, no student paysthat through tuition discounting, no student pays the full sticker price. Through generousthe full sticker price. Through generous grant/scholarship programs, the actual pricegrant/scholarship programs, the actual price paid is lower than the published sticker price.paid is lower than the published sticker price. Students can qualify for a maximum of up toStudents can qualify for a maximum of up to $17,000 in institutional aid alone.$17,000 in institutional aid alone.
  5. 5. Basic types of financial aidBasic types of financial aid Grants & ScholarshipGrants & Scholarship – money you do not have to repay– money you do not have to repay LoansLoans – money that must be repaid upon graduation– money that must be repaid upon graduation Work-StudyWork-Study - on/off campus employment opportunities- on/off campus employment opportunities 33
  6. 6. Mount Aloysius Participates In…Mount Aloysius Participates In…  Federal Pell grantFederal Pell grant  PHEAA state grantPHEAA state grant  FSEOGFSEOG (Federal Supplemental Educational Opportunity Grant)(Federal Supplemental Educational Opportunity Grant)  Nursing LoansNursing Loans  Federal Work-Study ProgramFederal Work-Study Program  Federal Direct Stafford & PLUS LoanFederal Direct Stafford & PLUS Loan 44
  7. 7. Mount AloysiusMount Aloysius Institutional Aid Programs…Institutional Aid Programs…  Mercy Presidential Scholarship ($12,000/yr. or $48,000)Mercy Presidential Scholarship ($12,000/yr. or $48,000)  Mount Aloysius Merit Grants/Scholarships ($2,000 to $8,000/yr.)Mount Aloysius Merit Grants/Scholarships ($2,000 to $8,000/yr.)  Mount Aloysius Commuter & Residential Grants ($1,000 - $1,500/yr.)Mount Aloysius Commuter & Residential Grants ($1,000 - $1,500/yr.)  Honors Fellowship ($1,000/yr.)Honors Fellowship ($1,000/yr.)  English Fellowship ($1,000/yr.)English Fellowship ($1,000/yr.)  Heritage Scholarship ($2,000/yr.)Heritage Scholarship ($2,000/yr.)  Vox Nova and Theater Scholarships ($1,000/yr.)Vox Nova and Theater Scholarships ($1,000/yr.)  History/Political Science Fellowship ($1,000/yr.)History/Political Science Fellowship ($1,000/yr.)  FBLA Scholarship ($1,000/yr.)FBLA Scholarship ($1,000/yr.)  Biology Fellowship ($1,000/yr.)Biology Fellowship ($1,000/yr.)  Family Tuition Grant ($2,000/yr.)Family Tuition Grant ($2,000/yr.)  Saint Aloysius Grant ($1,500/yr.)Saint Aloysius Grant ($1,500/yr.)  International Student Grant ($10,000/yr. on campus; $6,000/year off campus)International Student Grant ($10,000/yr. on campus; $6,000/year off campus)  Mary Cypher Madden ScholarshipMary Cypher Madden Scholarship  Endowed Scholarships (over 75 Scholarships in various amounts)Endowed Scholarships (over 75 Scholarships in various amounts) 55
  8. 8. Tuition Exchange (for students whose parents work at participating colleges/universities) Mount Aloysius College is a member institution of the tuition exchange programs offered through the Tuition Exchange (TE), Inc. and the Council of Independent Colleges (CIC). Through participation in these national programs, the College provides scholarship opportunities for its employees’ dependents at other participating colleges and universities. Tuition exchange scholarships are offered on a competitive basis and are not guaranteed to any applicant at any time. The tuition exchange scholarship is NOT an automatic benefit of employment like health insurance or vacation time. Therefore, the tuition exchange program is not considered an employee benefit program. Scholarships are awarded by the importing institution based on criteria established solely by that college or university. Most scholarships cover full tuition and exclude fees, course overloads and room and board charges. However, the value of the award is determined by the importing institution. The Tuition Exchange, Inc. program is a pooled reciprocal scholarship program not a one-to-one exchange. As a member institution, the College is obligated to maintain a balance between the numbers of student “exports and imports.” Therefore, the number of students the College is able to sponsor each year will vary depending upon the number of renewals and new student imports received from other participating institutions. The College’s TE balance is based on an import/export formula using data from the most recent five (5) year period with the goal that a zero balance be maintained. For this reason, the College reserves the right to limit the number of applications accepted and/or submitted for a given academic year to maintain the integrity of the program. In addition, Mount Aloysius College generally limits the number of new TE import students to three (3) each year.  
  9. 9. Mount Aloysius CollegeMount Aloysius College recognizes that paying for a quality, private liberal artsrecognizes that paying for a quality, private liberal arts education is a concern for most parents and students. Over the years, to help keep youreducation is a concern for most parents and students. Over the years, to help keep your college costs reasonable,college costs reasonable, Mount AloysiusMount Aloysius has developed a wide variety of grants,has developed a wide variety of grants, scholarships, and loan programs to help offset the cost of college. Below are somescholarships, and loan programs to help offset the cost of college. Below are some examples of aid packages of students atexamples of aid packages of students at Mount Aloysius College.Mount Aloysius College. Student #1 – Freshman Residential StudentStudent #1 – Freshman Residential Student from a Pennsylvania Catholic High Schoolfrom a Pennsylvania Catholic High School Student #2 – Freshman Residential StudentStudent #2 – Freshman Residential Student from Pennsylvaniafrom Pennsylvania HS GPA = 3.2 SAT = 1100 EFC (Expected Family Contribution) - $0 Federal Pell Grant $5,920 PHEAA State Grant $4,004 MAC Academic Scholarship $7,000 MAC Residential Grant $1,500 Heritage Scholarship $2,000 TOTAL AID BEFORE LOANS: $20,424 HS GPA = 3.6 SAT = 1200 EFC (Expected Family Contribution) - $10,000 PHEAA State Grant $2,002 MAC Academic Scholarship $8,000 MAC Residential Grant $1,500 TOTAL AID BEFORE LOANS: $11,502 6
  10. 10. More examplesMore examples Student #3 – Freshman Commuter Student fromStudent #3 – Freshman Commuter Student from PennsylvaniaPennsylvania HS GPA = 3.5HS GPA = 3.5 SAT = 1000SAT = 1000 EFC (Expected Family Contribution) - $0EFC (Expected Family Contribution) - $0 Federal Pell GrantFederal Pell Grant $5,920$5,920 PHEAA State GrantPHEAA State Grant $4,004$4,004 MAC Academic GrantMAC Academic Grant $4,000$4,000 MAC Commuter GrantMAC Commuter Grant $1,000$1,000 TOTAL AID BEFORE LOANS:TOTAL AID BEFORE LOANS: $14,924$14,924 Student #4 – Freshman Commuter Student fromStudent #4 – Freshman Commuter Student from PennsylvaniaPennsylvania HS GPA = 3.5HS GPA = 3.5 SAT = 1100SAT = 1100 EFC (Expected Family Contribution) - $5,882EFC (Expected Family Contribution) - $5,882 PHEAA State GrantPHEAA State Grant $4,004$4,004 MAC Academic ScholarshipMAC Academic Scholarship $4,500$4,500 MAC Commuter GrantMAC Commuter Grant $1,000$1,000 Mercy GrantMercy Grant $1,000$1,000 TOTAL AID BEFORE LOANS:TOTAL AID BEFORE LOANS: $10,504$10,504 HS GPA = 3.8HS GPA = 3.8 SAT = 1250SAT = 1250 EFC (Expected Family Contribution) = $7,242EFC (Expected Family Contribution) = $7,242 Ohio State GrantOhio State Grant $600$600 MAC Academic ScholarshipMAC Academic Scholarship $8,000$8,000 MAC Residential GrantMAC Residential Grant $1,500$1,500 Mercy GrantMercy Grant $1,000$1,000 St. Aloysius GrantSt. Aloysius Grant $1,500$1,500 TOTAL AID BEFORE LOANS:TOTAL AID BEFORE LOANS: $12,600$12,600 7 Student #5 – Residential Student from OhioStudent #5 – Residential Student from Ohio
  11. 11. How Do I Get Financial Aid?How Do I Get Financial Aid?  To make the process of applying forTo make the process of applying for financial aid as easy as possible,financial aid as easy as possible, Mount Aloysius College onlyMount Aloysius College only requires one aid application, therequires one aid application, the Free Application for FederalFree Application for Federal Student Aid (FAFSA). This oneStudent Aid (FAFSA). This one form is used to determine yourform is used to determine your eligibility for all the aid sources weeligibility for all the aid sources we offer.offer. 88
  12. 12. Deadline DatesDeadline Dates  FAFSA- for the 17/18 award year,FAFSA- for the 17/18 award year, students can begin filing the FAFSA onstudents can begin filing the FAFSA on October 1.October 1.  The Pennsylvania State Grant deadline isThe Pennsylvania State Grant deadline is May 1 each yearMay 1 each year  Our priority deadline date is April 1Our priority deadline date is April 1stst
  13. 13. Preparation for filing the FAFSAPreparation for filing the FAFSA  Copies of both theCopies of both the student’s and parents’student’s and parents’ Federal income tax returnsFederal income tax returns  Copies of both theCopies of both the student’s and parents’ W-2student’s and parents’ W-2 forms for all jobs workedforms for all jobs worked  Documentation of untaxedDocumentation of untaxed income like welfareincome like welfare benefits, workmen’sbenefits, workmen’s compensation, childcompensation, child support, social securitysupport, social security benefits, etc.benefits, etc.  Documentation regardingDocumentation regarding investments and realinvestments and real estate (excluding yourestate (excluding your home)home)  Balances of cash,Balances of cash, savings and checkingsavings and checking accountsaccounts  Documentation of netDocumentation of net worth of businesses andworth of businesses and investment farmsinvestment farms
  14. 14. HOW TO FILEHOW TO FILE  Go to fsaid.ed.gov and create an FSA ID.Go to fsaid.ed.gov and create an FSA ID.  The student and one parent should createThe student and one parent should create an FSA ID so both can electronically signan FSA ID so both can electronically sign the FAFSA form.the FAFSA form.  Once the FSA ID’s have been created youOnce the FSA ID’s have been created you may then complete the FAFSA (Freemay then complete the FAFSA (Free Application for Federal Student Aid).Application for Federal Student Aid). 1111
  15. 15. AFTER YOU FILE THE FAFSAAFTER YOU FILE THE FAFSA WHAT TO EXPECTWHAT TO EXPECT Once the student completes and submits theOnce the student completes and submits the FAFSA on-line, the information is processed byFAFSA on-line, the information is processed by the Department of Education and sent to thethe Department of Education and sent to the school or schools listed on the college section ofschool or schools listed on the college section of the FAFSA form. Essentially the samethe FAFSA form. Essentially the same information submitted on-line is sent to eachinformation submitted on-line is sent to each school along with the EFC (Expected Familyschool along with the EFC (Expected Family Contribution). The EFC is the figure used byContribution). The EFC is the figure used by schools to determine eligibility for financial aid.schools to determine eligibility for financial aid. 1212
  16. 16. AFTER YOU FILE THE FAFSAAFTER YOU FILE THE FAFSA WHAT TO EXPECTWHAT TO EXPECT  Once the FAFSA is received by the schoolOnce the FAFSA is received by the school they will inform the student if any otherthey will inform the student if any other information is needed to complete theirinformation is needed to complete their file. It is to their advantage to submitfile. It is to their advantage to submit requested information promptly.requested information promptly.  The school will also notify the student ofThe school will also notify the student of what financial aid he/she will be eligible towhat financial aid he/she will be eligible to receive. This is called the financial aidreceive. This is called the financial aid package or award letter.package or award letter. 1313
  17. 17. Additional Scholarship InformationAdditional Scholarship Information  www.fastweb.comwww.fastweb.com  www.collegeanswer.comwww.collegeanswer.com  www.schoolsoup.comwww.schoolsoup.com These websites will make easy work of findingThese websites will make easy work of finding other scholarships that are available throughoutother scholarships that are available throughout the United States from different organizationsthe United States from different organizations and groups.and groups. 1414
  18. 18. Contact UsContact Us FINANCIAL AID OFFICEFINANCIAL AID OFFICE 1-888-823-2220 or 814-886-63571-888-823-2220 or 814-886-6357 Financialaid@mtaloy.eduFinancialaid@mtaloy.edu www.mtaloy.eduwww.mtaloy.edu ***This presentation can be found on the college***This presentation can be found on the college website under Financial Aid.website under Financial Aid.
  19. 19. We Are Here to Help…We Are Here to Help… The financial aid office is here to help youThe financial aid office is here to help you make a private, liberal arts educationmake a private, liberal arts education affordable.affordable. If you are willing to work with us inIf you are willing to work with us in applying for all grants and loansapplying for all grants and loans possible, we can help you so that youpossible, we can help you so that you will only have to pay for books andwill only have to pay for books and incidentals out of pocket.incidentals out of pocket.

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